The cost of drilling Saudi oil in 2003 was around $1.5/barrel ... approximately four times below the world average. (sorry... no figures for today)
The cost of extracting the oil out of Canada's oil sands is around $20/barrel (key variable: cost of natural gas, which is key ingredient in extraction process).
At $70 per barrel, it is no wonder corporations such as Exxon Mobil are setting record profits, Gulfies have no idea what to do with their money, and Iran is so damn cocky!!!